Tuesday, 1 December 2015

Successful Social Housing Schemes in Emerging Markets

Social housing schemes are often perceived in a negative light. However, this point of view largely overlooks the significant benefits that countries receive when they encourage the development of affordable housing.

The number one property portal Lamudi Nigeria looks at five social housing schemes that are currently in place in the emerging markets. Each project provides a considerable boost to the economic and social welfare of these nations.

Country: Nigeria

Project: Mass Prefab Housing Project

To tackle the housing shortage problem, the Nigerian government and developers are turning to the solution of prefabricated homes to allow people with decent incomes the opportunity to own their homes. The construction of prefabricated houses are proven to be successful in many countries around the world, with the Nigerian government planning to take advantage of its success. The key benefits of this project includes - fast, reliable and simple production. Quality control measures are easily implemented making mistakes and faulty products impossible.

Country: Kenya Project: Tenant Purchase Housing Schemes

Kenya’s National Housing Corporation offers houses for sale in Wananchi, with the tenant paying a 10 percent deposit. The balance is then paid in monthly installments within a 20 year period. The project is made up of two sections: starter units and high-rise units. The starter units are set up for low income family groups, offering affordable one- or two-bedroom units available with full services. The high-rise units make the most of available land by accommodating a large group of people per hectare. The development consists of two- or three-bedroom units in high-rise building compounds. This is the future: allowing tenants to own the Title Deeds of an apartment above the ground floor without owning the land the property was built on.

Country: United Arab Emirates (UAE)

Project: The Home Savings Scheme

The end of July marks a special event, the completion of the Home Savings Scheme housing project in Seychelles Costing Dh33 million by the Abu Dhabi Fund for Development (ADFD). Seychelles being one of the first region to receive financial aid, the project consists of the construction of 106 residential properties along with infrastructure, such as water networks, roads and parks. The ADFD managed the construction of the project on behalf of the government to improve the living standards of low income UAE residents.

Country: Pakistan

Project: Large-scale affordable housing project

During a two-day conference held in May this year, attended by experts from Canada, France and Malaysia, the government of Pakistan proposed the launch of a housing scheme to provide affordable housing to 40 million families. With partnerships from the private sector, this unique project is expected to promote growth within both the real estate market and the country’s economy. The country is currently facing a deficit of nine million houses. With help from the Housing Finance Credit Guarantee Scheme, the project aims to provide individuals with loans. The Housing Building Finance Corporation will also be available to assist these home-buyers.

Country: Myanmar

Project: Housing Finance Credit Guarantee Scheme

Officials from the Yangon City Development Committee (YCDC) are providing lower-income people with housing units costing K10 million constructed on the outskirts of Yangon, in Dagon Myothit and Shwepyithar. The purpose of the project is to help locals become homeowners by aiding in the buying process. The project is mainly aimed at those who are planning on living in the property and will be continuously monitored to ensure the project is not subject to fraud. The homes are available through a lottery system, drawing out one application at a time. The housing project will construct 1168 residential properties in East Dagon Myothit, 2976 in South Dagon Myothit, 1909 Dagon Seikkan and 1200 in Shwepyitha.